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References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to TDAC Partners LLC.
−Removed: The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report.
+Added: The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report.
Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
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This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected.
−Removed: All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the completion of the Proposed Business Combination (as defined below), the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements.
+Added: All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the completion of the Business Combination, the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements.
Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available.
−Removed: A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including that the conditions of the Proposed Business Combination are not satisfied.
+Added: A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including that the conditions of the Business Combination are not satisfied.
For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the U.S.
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We are a blank check company incorporated in the Cayman Islands on April 19, 2022, for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
−Removed: We intend to effectuate our initial business combination using cash derived from the proceeds of the IPO and the sale of the Private Placement Units, our shares, debt or a combination of cash, shares and debt.
+Added: We intend to effectuate our initial business combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our shares, debt or a combination of cash, shares and debt.
We expect to continue to incur significant costs in the pursuit of our acquisition plans.
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We have neither engaged in any operations nor generated any revenues to date.
−Removed: Our only activities from April 19, 2022 (inception) through September 30, 2025, were organizational activities, those necessary to prepare for the Initial Public Offering, described below.
+Added: Our only activities from April 19, 2022 (inception) through March 31, 2026, were organizational activities, those necessary to prepare for the Initial Public Offering, described below.
We do not expect to generate any operating revenues until after the completion of our initial business combination.
−Removed: We generate non-operating income in the form of interest income on marketable securities held in the Trust Account.
+Added: We generate non-operating income in the form of dividends on marketable securities held in the Trust Account.
We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
−Removed: For the three months ended September 30, 2025, we had a net income of $1,660,122, which consists of dividends and interest earned on marketable securities held in Trust Account of $1,873,780 partially offset by general and administrative costs of $213,658.
−Removed: For the nine months ended September 30, 2025, we had a net income of $4,766,538, which consists of dividends and interest earned on marketable securities held in Trust Account of $5,674,077 partially offset by general and administrative costs of $782,193 and unrealized loss on marketable securities held in Trust Account of $125,346.
−Removed: For the three and nine months ended September 30, 2024, we had a net loss of $61,283 and $62,968, which consists of general and administrative costs, respectively.
+Added: For the three months ended March 31, 2026, we had a net income of $1,332,797, which consists of dividends earned on marketable securities held in Trust Account of $1,613,958 partially offset by general and administrative costs of $281,161.
+Added: For the three months ended March 31, 2025, we had a net income of $1,483,074, which consists of dividends earned on marketable securities held in Trust Account of $1,830,482 partially offset by general and administrative costs of $347,408.
Liquidity and Capital Resources
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Following the closing of the Initial Public Offering, on December 24, 2024, an amount of $174,225,000 ($10.10 per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants was placed in the trust account.
−Removed: For the nine months ended September 30, 2025, cash used in operating activities was $491,024.
−Removed: Net income of $4,766,538 was impacted by dividends and interest on marketable securities held in Trust Account of $5,548,731.
−Removed: Changes in operating assets and liabilities provided $291,169.
−Removed: Borrowings of $100,000 from a related party provided $100,000 in financing activities.
−Removed: For the nine months ended September 30, 2024, cash used in operating activities was $40,483.
−Removed: Net loss of $62,968 was impacted by payment of expenses through note payable – related party of $1,641.
+Added: For the three months ended March 31, 2026, cash used in operating activities was $305,157.
+Added: Net income of $1,332,797 was impacted by dividends earned on marketable securities held in Trust Account of $1,613,958.
+Added: Changes in operating assets and liabilities used $23,996.
+Added: For the three months ended March 31, 2025, cash used in operating activities was $231,574.
+Added: Net income of $1,483,074 was impacted by dividends earned on marketable securities held in Trust Account of $1,830,482.
Changes in operating assets and liabilities provided $115,834.
−Removed: As of September 30, 2025, we had investments of $179,899,077 held in the trust account.
−Removed: Through September 30, 2025 and December 31, 2024, we have not withdrawn any interest earned from the trust account.
+Added: As of March 31, 2026, we had marketable securities of $183,271,269 held in the trust account.
+Added: Through March 31, 2026, we have not withdrawn any interest earned from the trust account.
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing dividends and interest earned on the Trust Account (less income taxes payable, if any), to complete our Business Combination.
To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
−Removed: As of September 30, 2025, we had $47,150 in cash.
+Added: As of March 31, 2026, we had $24,630 in cash.
We intend to use the funds held outside the trust account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
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Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant.
−Removed: The units would be identical to the Private Placement Units.
−Removed: At September 30, 2025 and December 31, 2024, no amount were borrowed under the Working Capital Loan program.
+Added: The warrants would be identical to the Private Placement Warrants.
+Added: At March 31, 2026 and December 31, 2025, no amounts were borrowed under the Working Capital Loan program.
On August 8, 2025, the Company entered into a non-interest bearing promissory note with the Sponsor for a principal amount of up to $2,000,000.
The loan on the promissory note is due upon the closing of a Business Combination.
−Removed: At September 30, 2025 and December 31, 2024, there was $100,000 and $0, respectively, borrowed under this promissory note.
+Added: As of March 31, 2026 and December 31, 2025, there were $500,000 and $200,000, respectively, borrowed under this promissory note.
We do not believe we will need to raise additional funds in excess of amounts available under the August 8, 2025 promissory note or amounts that may be available under any Working Capital Loans in order to meet the expenditures required for operating our business.
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Going Concern
−Removed: At September 30, 2025, the Company had cash of $47,150 and a working capital deficit of $342,263.
+Added: As of March 31, 2026, the Company had cash of $24,630 and a working capital deficit of $785,769.
If the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate the business prior to completing a Business Combination.
−Removed: Moreover, the Company may need to obtain additional financing either to complete a Business Combination or because the Company becomes obligated to redeem a significant number of public shares upon consummation of a Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination.
+Added: Moreover, the Company may need to obtain additional financing either to complete a Business Combination or because
+Added: the Company becomes obligated to redeem a significant number of public shares upon consummation of a Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination.
The Company has until June 24, 2026, to consummate the initial Business Combination.
If the Company does not complete a Business Combination within the Completion Window, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the amended and restated memorandum and articles of association.
−Removed: In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements-Going Concern,” management has determined that the liquidity issues and mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination by the end of the Combination Period, raises substantial doubt about the Company’s ability to continue as a going concern.
+Added: In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements-Going Concern,” management has determined that the liquidity issues and mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination by the end of the Completion Window, raise substantial doubt about the Company’s ability to continue as a going concern.
No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 24, 2026.
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There is no assurance that the Company’s plans to consummate a Business Combination or to receive working capital from the Sponsor will be successful.
−Removed: The financial statements do not include any adjustments that might result from the outcome of these uncertainties.
+Added: The unaudited condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties.
Off-Balance Sheet Financing Arrangements
−Removed: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025.
+Added: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026.
We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.
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Contractual Obligations
−Removed: We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay its Sponsor a fee of approximately $10,000 per month for administrative and support services.
+Added: We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay its Sponsor a fee of approximately $10,000 per month for administrative and support services and the deferred underwriting fee.
The underwriters are entitled to a deferred underwriting fee of $0.35 per Unit, or $6,037,500 in the aggregate.
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Critical Accounting Estimates
−Removed: The preparation of condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements.
+Added: The preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements.
Actual results could materially differ from those estimates.
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In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):
−Removed: Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis.
+Added: Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the unaudited condensed financial statements on an interim and annual basis.
ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.
The Company is currently evaluating the impact of adopting ASU 2024-03.
−Removed: We do not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements.
+Added: We do not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited condensed financial statements.
Quantitative and Qualitative Disclosures About Market Risk.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.